Naira appreciates to N1220/$1 in post-Xmas trading

In the first official trading session after the Christmas and boxing day celebrations, the naira gained against the dollar on Wednesday, 27th December 2023 at the official market to N872.59/$1, data from the official Nigeria Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N13.29 or a 1.52% increase in the local currency compared to the N885.88 it traded on Friday last week.     

The intraday high recorded was N1235.65/$1, while the intraday low was N740/$1, representing a wide spread of N495.65/$1.     

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $127.93 million, representing a 38.81% increase compared to the previous day.     

READ ALSO:Naira slumps further against dollar to N861.91/$1 at the official window

Similarly, the naira appreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate was quoted at N1220/$1 as against the N1233/$1 it traded the previous official trading day representing an appreciation of N13 while peer-to-peer traders quoted around N1297.60/$1.

The naira also appreciated marginally against the British pound to N1,540/£1 as against the sum of N1,565/£1 recorded on Friday last week signifying a gain of N25.

Also, the naira appreciated against the Euro at ₦1,270/€1 as against the ₦1,285/€1 recorded in the last official trading day representing an appreciation of N15 while the naira closed flat against the Canadian dollar at N975/CA$1.

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